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Tesla Q1 sales sink 13 percent

The dip occurred amid lower production during factory upgrades.

AD Ports Group 2024 revenue $4.70bn

The Group's EBITDA increased by 69 percent YOY.

Tesla sales tumble in Europe in Q1

The company suffered from boycotts against the policies of Elon Musk.

Ford’s US Q1 auto sales dip

But its Q1 figures exceed a forecast by Edmunds

Vanke reports annual loss of $6.8 bn

The property giant attributes loss to falling sales and shrinking profit.

Supply chain challenges hit Ramadan retail rush

Logistical adaptations, strategic planning, and forecasting essential for addressing the unique demands of increased consumption during Ramadan, says Aramex's Tarek...

Travel companies give wings to Saudi tourism aspirations

Fueling this ambition is an intricate web of travel companies, including tour operators, airlines, accommodation providers, cruise lines, and destination...
  • The Kingdom, aiming to draw 100 million yearly visitors by 2030, is planning to invest over US$1 trillion in tourism over the next decade
  • Travel companies play a key role in promoting Saudi tourism, developing packages, and collaborating with public sector entities

GCC project awards surge by 86% to $49.7bn in Q2

The highest quarterly project awards value in over five years showcases the region's determination for diversification, and reflects the strength...
  • The highest quarterly project awards value in over five years showcases the region's determination for diversification, and reflects the strength of GCC economies
  • Saudi Arabia leads as GCC's largest projects market, while the UAE experiences a 127 percent surge, reaching US$12.2bn in the second quarter of 2023

Trade hits new high as GCC-Japan ties get warmer

Japan's exports to the Gulf countries include automobiles, machinery, iron and steel, electrical machinery, rubber, textiles, visual goods, and foodstuffs.
  • In 2020, Gulf countries' imports from Japan were estimated to be around $17.3 billion, down from $24.3 billion in 2018
  • Japan's exports to the Gulf countries include automobiles, machinery, iron and steel, electrical machinery, rubber, textiles, visual goods, and foodstuffs

Saudi Arabia: An emerging tourism hub

The Kingdom is harnessing the potential of tourism for economic growth, job creation, and cultural exchange. In 2022, Saudi Arabia...
  • With impressive tourism statistics and a vision to attract 100 million annual visits by 2030, the Kingdom aims to contribute 10% to its GDP through tourism
  • Saudi Arabia seizes opportunities through visa simplification, major events, and new markets as sustainability drive and Vision 2030 help the sector grow

Rise in foreign sukuk offset by local currency decline

Saudi Arabia's reduced banking liquidity and lower oil prices have led to a decline in local currency sukuk, but a...
  • Saudi Arabia's reduced banking liquidity and lower oil prices have led to a decline in local currency sukuk, but a surge in foreign currency issuances, says a report
  • A new report by S&P Global Ratings indicates mixed activity levels, suggesting the need for harmonization of Sharia standards to attract non-core jurisdictions

Will extended oil production cuts stunt Saudi growth?

The decision to prolong oil output cuts may herald a significant reversal for the Kingdom's fast-growing economy as oil remain...
  • The decision to prolong oil output cuts may herald a significant reversal for the Kingdom's fast-growing economy as oil remain a key source for its revenue, say experts
  • Amidst varying projections, the overall concern is clear: the extended cuts could strain the economy and may even lead to contraction if the trend continues into 2024

E-visas to drive tourism’s GDP share to 10%

Saudi Arabia is leveraging digital solutions to streamline travel, link tourists with local enterprises through apps, and enhance experiences via...
  • The move has simplified and streamlined the processes for obtaining a tourist visa, making it easier for visitors to travel to the Kingdom
  • Tourists can apply for the 90-day e-visa through an online portal which is an easy, accessible process with quick visa turnaround times

AI ‘disrupts economy’ but Middle East optimistic

The Boston Consulting Group survey found that 58 percent of Middle East employees, managers, and leaders believe that AI will...
  • An overwhelming 78 percent of respondents are confident that the rewards of GenAI outweigh the risks
  • 76 percent of all respondents believe that AI-specific regulations are necessary to manage the risks

High oil prices, reforms spur Saudi economic boom

The Kingdom's non-oil private sector expanded sharply in June as output and new orders rose at accelerated, multi-year record rates,...
  • The Kingdom's non-oil private sector expanded sharply in June as output and new orders rose at accelerated, multi-year record rates, indicating strong growth rate.
  • Consumer spending saw a remarkable 15% year-on-year rise in May, despite a monthly drop, while SAMA foreign reserve assets rose in May for the first time in six months

Office segment demand drives Saudi Arabia’s real estate boom

"The office sector shines brightest in the real estate market. Saudi Arabia's rapid economic growth drives the demand," Faisal Durrani,...
  • Prime rents in Riyadh have risen by 19 percent in the last year, while in Jeddah, they have risen by about 9 percent
  • The main demand centers for office space in the kingdom are Riyadh and Jeddah, and Dammam Metropolitan Area

Foreign investors retreat from GCC markets in Q4

Regional market trends, IPOs, geopolitical issues and crude oil prices affected the flow of foreign money in the region, said...

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Dubai leads way as GCC markets show mixed results

Amid market volatility influenced by geopolitical tensions and fluctuating oil prices, pharma, insurance, and healthcare indices led with substantial gains...

Saudi football dominates Gulf sports scene this year

The Kingdom's football undergoes a historic transformation in 2023 with major investments and player signings, and Saudi Arabia wins the...

GCC forges ahead in sustainable tech initiatives

In 2023, the Gulf countries made a strong push towards renewable energy and pioneering green hydrogen projects, signaling a significant...

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Climate threats haunt GCC’s economy and finance

The GCC faces a critical challenge as climate risks like extreme heat and water stress rise, potentially impacting the region's...
  • The GCC faces a critical challenge as climate risks like extreme heat and water stress rise, potentially impacting the region's economic stability and financial health.
  • A new S&P Global report underscores the urgency for adaptation and resilience investments to mitigate risks such as climate-induced flooding.

COP28 initiatives to narrow climate finance disparity

Antoine Samaha of BCG applauds the launch of a Loss and Damage Fund for developing countries, emphasizing the need for...
  • At COP28, a significant focus was placed on climate finance, with the establishment of a Loss and Damage Fund to aid developing countries.
  • Antoine Samaha of BCG underscores the urgency of securing more funds and ensuring its equitable distribution to combat climate change.

Clean energy sees marked investment rise since 2020

With a 40% increase in clean energy investments since 2020 and a focus on innovative policies, the global community is...
  • With a 40% increase in clean energy investments since 2020 and a focus on innovative policies, the global community is making strides towards a greener future, says an expert.
  • However, challenges remain in meeting the Paris Agreement goals and ensuring all nations can participate in the transition, adds Ferdinand Varga of Boston Consulting Group.